In this issue of CPRE Finance Briefs, the authors argue that it is now time for education to join successful efforts and revise teacher pay systems. The brief provides a short history of changes in teacher compensation over the last century and a discussion of key organizational and educational changes today that could be reinforced by a new teacher compensation structure. It also suggests some new teacher pay elements and a set of principles states and districts could follow if they embark on the journey to redesign how teachers are paid. Examples of leading-edge compensation programs are included in sidebars on pages 2-5.